Finance Minister Juan Carlos Echeverry said that the sale of these companies would be part of a plan to privatize both public power companies and 10% of the country’s oil company Ecopetrol.
Echeverry said that the sale of the power companies would grant the government $840 million and $1.12 billion. The sales of Ecopetrol stock are budgeted to bring in at least $1.68 billion.
The move to privatize power companies began in 2007, when former President Alvaro Uribe signed an agreement with the IMF to sell a group of power companies. Since then the process has been held up by a number of lawsuits.